Futures for the main stock indexes were falling after the so-called Magnificent Seven stocks slid for a second day on Wednesday.
The group of highly valued technology stocks–Amazon, Apple, Google-parent Alphabet, Microsoft, Facebook owner Meta Platforms, chip maker Nvidia, and electric vehicle maker Tesla–have been the driver of a broad pullback in the tech sector.
That’s been the story of the week as investors reassess whether the artificial intelligence rally may have become too hot, and whether President Donald Trump’s policies toward tech–the administration confirmed it’s considering taking a stake in Intel–may dent the outlook.
The other story that could move markets today is Trump’s criticism of the Federal Reserve. He called on Fed governor Lisa Cook to resign on Wednesday over allegations of mortgage fraud. Cook said she won’t step down. Fed Chair Jerome Powell, who’s come under fire from Trump for not lowering interest rates more quickly, gives a speech tomorrow in Jackson Hole, Wyoming.
Retailer earnings continue on Thursday as well, with Walmart and Ross stores due to report. Results from Home Depot and Lowe’s earlier this week were warmly received, with investors pushing their stocks higher afterwards.
Dow Jones Industrial Average futures fell 131 points, or 0.3%. S&P 500 futures were down 0.2%, and Nasdaq 100 futures were falling 0.1%. The Dow finished slightly higher yesterday, but the other two retreated.
The yield on the 10-year Treasury was little changed at 4.311%. The two-year yield was at 3.767%.
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:max_bytes(150000):strip_icc()/GettyImages-2227747430-ce1f2406f8494b73b12865fac2ef3037.jpg "Will Jackson Hole Speech Spark a Big Stock Market Move?")
